TAMPA, Fla., March 14 /PRNewswire/ -- IMC Mortgage Company (Nasdaq: IMCC)
Home Equity Loan Trust 1997-2 was priced March 13, 1997 as follows:
IMC MORTGAGE COMPANY
Certificate Average Life Certificate
Class Principal Amt. Years Coupon Price Yield
A-1 $123,643,000 .9 6.63 99.99852 6.31
A-2 35,021,000 2.1 6.70 99.99517 6.61
A-3 63,371,000 3.2 6.94 99.99828 6.91
A-4 42,030,000 5.2 7.25 99.95847 7.28
A-5 13,437,000 7.4 7.48 99.97692 7.53
A-6 22,498,000 11.2 7.67 99.95995 7.74
A-7 27,000,000 7.0 7.23 99.98214 7.27
A-8 70,000,000 3.25 Libor+22 100 Libor+22
TOTAL $400,000,000
*100% of collateral to be delivered at the time of closing.
Bear Stearns & Co., Inc. is the lead underwriter for the Fixed Rate
Certificates with Paine Webber Incorporated acting as co-manager. Nomura
Securities International, Inc. is the sole underwriter for the Class A-8
Certificates. The Class A Certificates are collateralized by home equity
loans and will be insured by MBIA Insurance Corporation with an expected
rating of Aaa by Moody's Investors Service and AAA by Standard & Poor's
Ratings Services.
IMC Mortgage Company, upon the close of this offering, will have completed
ten securitizations totaling $2.13 billion since November 1994. In July of
1996, the company filed a shelf registration for the future issuance of
$1.5 billion of asset-backed certificates with the Securities and Exchange
Commission. The Company has issued, inclusive of this offering, certificates
totaling $1.29 billion from this shelf registration.
IMC filed a registration statement with the SEC on February 14, 1997 on
form S-1 for the proposed offering of 7 million shares of common stock and
therefore cannot make additional comment concerning this securitization at the
present time.
IMC Mortgage Company is a Tampa-based specialty consumer finance company
engaged in purchasing, originating, servicing and selling home equity loans
secured primarily by first liens on one-to-four family residential properties.
The company has wholesale and retail operations in the United States and has
operations in the United Kingdom through a joint venture.
SOURCE IMC Mortgage Company
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CONTACT:
Jean S. Schwindt, CFA, Vice President and
Director of Investor Relations & Strategic Planning,
813-915-2515, or Stuart D. Marvin, Chief Financial Officer,
813-915-2548, both of IMC Mortgage Company
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